Republican governors are moving to end $300-a-week pandemic payments for the unemployed in a controversial effort to push people back to work. Four states are set to end them this week.
U.S. employers added 559,000 jobs last month, as the unemployment rate fell to 5.8% from 6.1% in April. Employers say they could use even more workers as demand surges and pandemic fears recede.
Prices are jumping as the economy rebounds from the pandemic, but the Biden Administration and the Federal Reserve say a return to 1970s-style inflation is unlikely.
The U.S. economy grew at a rapid pace in the first three months of the year as more people got vaccinated and the federal government pumped hundreds of billions of dollars into people's pockets.
Retail sales jumped nearly 10% in March, as shoppers, flush with $1,400 relief payments, are feeling more confident about venturing out. Weekly unemployment claims dropped to a pandemic low.
The International Monetary Fund predicts the U.S. economy will grow at its fastest pace in decades this year, lifting the outlook for worldwide economic growth.
The Federal Reserve chairman tells NPR that the U.S. economy is on a clear path to recovery thanks to the Fed's rescue plan and the stimulus passed by Congress.
Jerome Powell and Treasury Secretary Janet Yellen will tell Congress the economy is recovering but that more needs to be done to get to pre-pandemic levels
The Federal Reserve has raised its forecast for economic growth, thanks to an improving public health outlook and trillions of dollars in federal spending.
Retail sales dropped sharply last month after a winter storm blanketed much of the country's midsection, but forecasters expect a sharp rebound in sales.
